Rathbones Group PLC Purchases 11,804 Shares of Otis Worldwide Co. (NYSE:OTIS)

Rathbones Group PLC lifted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 484,364 shares of the company’s stock after acquiring an additional 11,804 shares during the period. Rathbones Group PLC owned approximately 0.12% of Otis Worldwide worth $44,857,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in OTIS. M&T Bank Corp increased its holdings in shares of Otis Worldwide by 11.2% in the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock worth $19,123,000 after purchasing an additional 18,536 shares in the last quarter. PineStone Asset Management Inc. raised its position in Otis Worldwide by 4.2% in the 4th quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock worth $278,054,000 after buying an additional 121,322 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares during the period. SVB Wealth LLC purchased a new stake in shares of Otis Worldwide during the 4th quarter valued at about $337,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Otis Worldwide by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company’s stock worth $213,418,000 after acquiring an additional 67,937 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Otis Worldwide

In other news, EVP Peiming Zheng sold 32,694 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the sale, the executive vice president now directly owns 169 shares in the company, valued at approximately $16,127.67. This represents a 99.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the transaction, the insider now owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 112,281 shares of company stock valued at $10,747,553. Insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of research reports. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, January 30th. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a report on Thursday, December 12th. JPMorgan Chase & Co. cut their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Finally, Barclays increased their price objective on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research note on Wednesday, March 26th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $103.00.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $94.85 on Monday. The stock has a fifty day simple moving average of $99.32 and a two-hundred day simple moving average of $98.99. Otis Worldwide Co. has a 52-week low of $88.24 and a 52-week high of $106.83. The firm has a market capitalization of $37.61 billion, a PE ratio of 23.36 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. On average, sell-side analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide announced that its Board of Directors has initiated a share repurchase plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were given a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.64%. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Otis Worldwide Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.